Roundups
News roundup – Between The
Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Asia Morning MoneyBeat: A Narrow Escape for Itchy
Markets – WSJ
MORNING BRIEFINGS
The US Employment
report is the day's main event, but it will probably not provide any fresh
clues on monetary policy. Germany's industrial production and Greece's GDP will confirm the European slump.
Market Preview: US non-farm payrolls in the
spotlight – TradingFloor
European markets are
likely to open higher Friday. Traders will keep an eye on the US non-farm payrolls data due later today for
hints as to the Fed’s future policy moves. Also, German industrial production
and trade balance data will be in focus.
Danske Daily – Danske
Bank (pdf)
Our US payrolls
forecast remains above the official 165k consensus expectation, but the ‘whisper’
consensus has probably been lowered on the back of the subdued labour market
data in the past week
Aamukatsaus – Nordea
Mitä teit, Draghi
* Ma, ti, ke, to, payrolls * EURUSD kolmen kuukauden huippuihin
Aamukatsaus – Tapiola
(pdf)
Ulkomaalaisomistuksen muutokset toukokuulta
kertovat kiinnostuksen kohdistuvan defensiivisiin Suomi-osakkeisiin. Trendi
jatkui, vaikka eurooppalaisissa sektori-ETF:ssä kiinnotus siirtyi syklisiin.
EUROPE
Euro area housing market temperature gauge – Danske
Bank (pdf)
The euro area housing
market is extremely diverse, as shown in Danske Bank’s Euro Area Housing Market
Index below. Indeed, in terms of housing markets, the euro area looks like
independent economies rather than a single market.
Economic divergences among Eurozone countries
have played an increasingly important role in ECB decision-making since the
start of the crisis. – Europp
/ LSE
The ECB officially
bases its decision-making on euro-wide data, rather than the situation in
individual Eurozone countries. However, this ‘one size fits all’ approach may
be inappropriate in cases where there are fundamental economic differences
between individual countries. Outlining the results of a study into ECB
decision-making, they find that national divergences, particularly among those
in the Eurozone’s periphery, have played an increasingly important role during
the financial and sovereign debt crises.
UNITED STATES
Friday: Jobs, Jobs, Jobs – Calculated
Risk
As Barack Obama and Xi
Jinping prepare to meet in California, the stakes in U.S. China relations have rarely been higher. For
insight into what to expect, China Real Time turned to Jeffrey Bader, who
played a key role in organizing previous U.S.-China summits.
OTHER
The Unbearable Lightness of Being Right – Krugman
/ NYT
And yet nothing changes. Not only don’t the policies change; by and
large even the people don’t change. Reinhart and Rogoff may get a bit fewer
high-profile invites, as will Alesina and Ardagna; but Bowles and Simpson are
still touring, the same people at the BIS and the OECD are still issuing dire
warnings about the dangers of easy money, George Osborne is still making
pronouncements, Paul Ryan is still the intellectual leader of his party.
Central Bankers and
their Big Brass Balls – Macro
Man
A couple of weeks ago
the world seemed pretty sure of how Ben, Abe and Dr. Aghi were playing their
hands.